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Financial stocks that rose the most this week include two Argentine banks, two U.S. regional lenders and one bitcoin (BTC-USD) miner. On the flip side, one insurance company, one payment tech firm, two U.S. regional banks and one asset manager were among the five biggest decliners.
In all, financial stocks (with market cap $2B+) closed out the earnings-packed week ended Jan. 26 comfortably in the green, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) advancing 1.8%, outpacing the S&P 500’s 1.1% increase.
Topping the winners list, Argentina-based lenders Grupo Financiero Galicia S.A. (NASDAQ:GGAL) and Banco Macro S.A. (NYSE:BMA) jumped 23.8% and 17.4%, respectively;
Banc of California (NYSE:BANC), which during the week posted Q4 results, gapped up 16.4%;
The Bancorp (NASDAQ:TBBK) accelerated 11.6% after turning in Q4 revenue that topped the average analyst estimate; and
Marathon Digital Holdings (NASDAQ:MARA), one of the biggest corporate holders of bitcoin (BTC-USD), rose 10.7% as the price of bitcoin eked out a small gain.
For the losers, Columbia Banking System (NASDAQ:COLB) fell the most, dropping 18%, as the bank’s worse-than-expected Q4 results and underwhelming 2024 guidance prompted multiple analyst downgrades;
Coming in a distant second, property and casualty insurer Old Republic International Corp. (NYSE:ORI) retreated 6.6% on weaker-than-expected Q4 earnings as net premiums and fees earned declined and its combined ratio rose;
PayPal (NASDAQ:PYPL) slid 6.1% as the payments giant was placed on a downside 30-day catalyst watch at Citi;
CVB Financial Corp. (NASDAQ:CVBF) fell 5.7% on the heels of its Q4 earnings that fell short of Wall Street expectations; and
Invesco (NYSE:IVZ) rounded out the losers with a 5.2% loss after Q4 revenue disappointed.
